Businesses and individuals will be concerned about their finances and liquidity during the ongoing coronavirus epidemic due to the difficult economic situation it has created.
The Government is trying to take action to prevent the closure of businesses or loss of income, however, the reality is that many firms are likely to face insolvency, as are many individuals.
Undergoing insolvency proceedings can be stressful and emotional so it is important that you have a trusted advisor that you can rely on.
Business Insolvency and Restructuring
If your business is facing the prospect of insolvency, then there are several options available to you, from a company voluntary agreement (CVA) through to administration.
If you are at risk of insolvency, restructuring your business to adapt to new commercial conditions could help you return your business to prosperity. We can assist with all the legal considerations involved in restructuring your business from ownership structure, to contract renegotiations and redundancies.
You must consider which option is most appropriate to your situation and seek legal advice.
Many of those affected by the closure of companies, debts or loss of investments may need to consider personal insolvency options, which include:
- Individual voluntary arrangement (IVA)
- Debt relief order (DRO)
If you are considering taking any of these steps in the coming months it is vitally important that you speak to a solicitor.
We represent both individuals and companies on matters relating to corporate and personal insolvency, restructuring and corporate recovery. Speak to us today for specific advice tailored to your situation.
The Government recently announced funding that may contribute towards the cost of legal advice to help your business rebuild and recover. Read more here.
Meet the team
Hannah Storey joined Carter Lemon Camerons LLP as a Trainee Solicitor in March 2020.
Prior to joining Carter Lemon Camerons LLP, she gained an LLB in Law at the University of Exeter and an LPC/LLM at the University of Law, Guildford.
Following that, she spent a year working as a commercial property paralegal at a large regional firm.
Away from the office, Hannah enjoys keeping fit and exploring London’s food and drink scene with friends.
Seamus Smyth is head of litigation and arbitration. His practice is primarily commercial with an emphasis on arbitration, financial services and work for South African and Italian clients.
His reported cases include RH Green & Silley Weir v BR (limitation period against 3rd party), de Bry v Fitzgerald (security for costs), Hartt v Newspaper Publishing (libel concerning a work by Michelangelo), Pearson v Sanders Witherspoon (valuation of loss of chance), Siebe Gorman v Pneupac (status of consent orders), Senate Electrical v NTL (liability of an employee for acquisition warranties) and Bendell v Smith & Others (a successful recovery action by a lender on a shared appreciation mortgage equity release – the only such case to go to trial).
Recently involved in enforcement of foreign arbitration awards, claims arising from the banking upheavals since 2007, a successful claim against a high street bank resulting from a banking error and a successful claim against estate administrators and their solicitors for wasting the estate funds on irresponsible litigation.
Educated (BA, LLB, Wits) and first qualified as an attorney in South Africa, he requalified in England, took an LLM at UCL and a Diploma in International Arbitration at QM, and became an FCIArb. He is chairman of the British South African Law Association (for the second time), chairman of Michaelhouse UK Trust, a trustee of Global Leadership Foundation (UK), a former President of the London Solicitors Litigation Association and Trustee and President of Town Malling Cricket Club (established in 1827!). He was until 2012 a Visiting Senior Lecturer in International Commercial Arbitration at London Metropolitan University. When work and domesticity permit he plays some cricket and more golf (but – which is immediately obvious – not nearly enough).